AUGUSTA— Today, the Greater Augusta Black Chamber of Commerce (GABCC) and Foundation unveiled plans for their new Intensive Entrepreneurship Training Program, funded by Bank of America. This program will provide entrepreneurs and small business owners of color with the needed training and capital to be successful in an ever-changing business world.
Formed in 2017, GABCC is a historically Black chamber of commerce in the greater Augusta area that supports minority-owned, women-owned, disadvantaged, and black-owned businesses throughout the Central Savannah River area. GABCC has a growing partnership with Bank of America, which will provide further assistance to business owners in the CSRA area during unprecedented times.
“The partnership with Bank of America will help to carry out GABCC foundation’s mission to enhance the CSRA community through innovative, effective, and equitable programming,” said Ronic West, President, Greater Augusta Black Chamber of Commerce. “Our continued mission is to foster economic stability for businesses in the CSRA through advocacy, education, networking, discovery, and these strategic partnerships.”
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The GABCC Entrepreneurship program will be offered in the CSRA area as a comprehensive innovative approach to assist both new and existing entrepreneurs with the following:
- Four weeks of training, and an additional six weeks of coaching and mentorship for new and existing minority-owned business owners and entrepreneurs.
- The additional six weeks of coaching and mentorship are a critical component of the program to ensure that participants stay engaged, are taking actionable next steps, and have the support they need to succeed.
- At the end of the program guaranteed grants of $3,000 will be provided after all criteria are met within program guidelines.
- Courses from subject matter experts from the southeast and the CSRA that are from a similar demographic.
- Post-training support to aid business owners in becoming successful entrepreneurs.
- Business data gathering to track the success and outcomes of programs.
- Training components include Introduction to Entrepreneurship, Business Planning Basics, Business Structure 101, Bookkeeping & Recordkeeping, Business Insurance 101, Business Marketing/Branding 101, Growing Your Business and Obtaining Your First Customer, Credit Essentials, Reporting and Tracking cash flow, and Running a Successful Business.
The initiative is part of the bank’s $1.25 billion, five-year commitment to advance racial equality and economic opportunity by focusing on small businesses, jobs and up-skilling, health, and housing.
“The Greater Augusta Black Chamber has been instrumental in supporting the success of Black-owned small businesses and entrepreneurs in our community,” said Ora Parish, President, Bank of America Augusta / Aiken. “Our partnership will further expand on Bank of America’s ongoing work to support jobs and small businesses in Augusta.”
In Augusta, access to capital/credit and entrepreneurial training are major barriers to success for minority-owned small-business owners, and they cannot afford training and coaching that is needed to maximize their odds for success. Additionally, Covid-19 has intensified issues facing the Augusta Black community. African American entrepreneurs have had to close their doors at more than twice the rate of their White counterparts. Georgia has the seventh highest percentage of minority-owned startups in the U.S., and with 20% of small businesses fail by the first year, and for minorities, the numbers can be even more daunting.
Additional examples of GABCC programming include business educational workshops, an annual pitch competition, providing technical assistance to business owners and much more. Since GABCC inception, it has held over 300 workshops, meetings, and events. GABCC efforts grew during the pandemic as it quickly transitioned all events online and begin to become one of the leading advocates to obtain capital to assist entrepreneurs and business owners with programs, such as the Intensive Entrepreneurship Training Program.
GABCC
Since its formal inception in 2017, the Greater Augusta Black Chamber of Commerce (GABCC) has strived to provide its promises to minority-owned, women-owned, black-owned, and disadvantaged businesses throughout the CSRA. Since its inception in March of 2017, the chamber has been dedicated to advocating for its members and the community, specifically targeting economic growth and sustainability via workshops, technical assistance, and networking opportunities. Greater Augusta Black Chamber of Commerce is an 501c6 organization and formed the GABCC Foundation in 2020, which is an official an 501c3 organization. For more information visit mygabc.org. Follow us on Facebook, Instagram and Twitter @mygabc
Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
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